The Indian stock market closed higher for the fourth consecutive session last week, buoyed by positive GDP data. The Nifty 50 index reached a new all-time high of 20,291, concluding 134 points higher at 20,267, while the BSE Sensex gained 492 points, closing at 67,481. Bank Nifty also saw an upswing, finishing 332 points higher at 44,814. In the broader market, the small-cap index rose by 0.48%, and the mid-cap index surged by 0.96%.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, expressed optimism about the bullish overall market trend. She emphasized the importance of the Nifty 50 index sustaining levels above 20,250 for a confirmed breakout. For today’s trading, Parekh recommended three intraday stocks: GIPCL, CESC, and Crompton Greaves.
Outlining the market outlook for Nifty 50, Parekh stated, “Nifty created history breaching above the previous peak zone of 20,222 levels and entered a new territory to touch the high of 20,291 indicating a strong trend. The Index needs to sustain above the 20,250 levels in the coming session to confirm the breakout and anticipate for further rise.”
Regarding Bank Nifty, Parekh highlighted a pullback past 44,800 levels, maintaining a positive bias. She suggested a decisive close above 45,000 for confirmation and anticipation of further rise in the coming days. Parekh identified immediate support for Nifty at 20,100 levels, with resistance seen at 20,400. Bank Nifty was projected to have a daily range between 44,500 and 45,200 levels.
Stock Recommendations:
- GIPCL: Buy at ₹165, target ₹174, stop loss ₹162;
- CESC: Buy at ₹100.50, target ₹106, stop loss ₹98;
- Crompton Greaves: Buy at ₹289.90, target ₹304, stop loss ₹285.
Investors are advised to consider these recommendations in light of market conditions.
